U.S. and Iran exchange new strikes as Trump applies economic pressure

On Tuesday, the United States and Iran engaged in a series of retaliatory strikes, escalating tensions in the region over the Strait of Hormuz. The U.S. Central Command (CENTCOM) confirmed targeting various Iranian military assets, including air defense systems, radar installations, and naval vessels. The strikes came in response to recent Iranian attacks on commercial ships in the Strait of Hormuz and on American personnel in the area, as reported by Iranian media.

In retaliation, Iran launched attacks against U.S.-linked targets in Iraq, Jordan, and Bahrain, while also threatening commercial vessels in and around the Strait of Hormuz. This exchange marks the most severe military interaction between the two nations since late-July, as both parties remain entrenched in disputes over the strategic waterway.

U.S. President Donald Trump vowed to intensify military action against Iran, asserting control over the Strait of Hormuz and predicting its economic collapse. Trump also threatened to target Iran's Kharg Island, a significant oil export facility. Iran, in turn, warned U.S. allies in the Gulf to expel American forces or face further aggression.

The ongoing conflict has had a notable impact on global oil markets, with prices surging amid the uncertainty and constrained supply through the Strait of Hormuz. Shipping data revealed that traffic in the waterway had plummeted to a fraction of pre-war levels, highlighting the severe disruption caused by the escalating tensions.